Contribution and indemnity-breach of law-trust laws, Financial Accounting

Assignment Help:

Contribution and indemnity

Generally the trustees are jointly and severally liable to the beneficiaries and a trustee sued may claim contribution from the others where although two or more trustees are liable, one has paid more than his fair share of the loss; or a complete indemnity against -

A trustee who actually committed and obtained the benefit of the breach; or
An advocate trustee who advised the breach; or
A trustee who is also a beneficiary, to the extent of his beneficial interest.

Related Discussions:- Contribution and indemnity-breach of law-trust laws

Branch accounting, some lectures on branch accounting chapter of advance ac...

some lectures on branch accounting chapter of advance accounting or way how to do journal entries or way of branch accounting??i m totally unaware of this chapter and want to study

What kinds of risks does a firm, like Amazon.com face with respect to safeg...

like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?

Case law, GOLD MOUNTAIN SKI RESORT CASE You work for a venture firm and hav...

GOLD MOUNTAIN SKI RESORT CASE You work for a venture firm and have been asked to analyze a proposal from a group of investors interested in building a new ski area in Colorado. The

What is the net present value of this machine, A company is considering the...

A company is considering the purchase of new equipment for $45,000. The projected after-tax net income is $3,000 after deducting $15,000 of depreciation. The machine has a useful l

Prepare traditional income statement, Scottsdale Fine Piano%u2019s purchase...

Scottsdale Fine Piano%u2019s purchases pianos from a well-known manufacturer and sells them through their retail store. The Baby Grand Pianos sell, on average, for $2,500 each. The

Financial statements, Describe the following questions:- Q.1 Explain how...

Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement

Experienced auditor, Experienced Auditor - An AUDITOR who has a reasonable ...

Experienced Auditor - An AUDITOR who has a reasonable understanding of audit activities and has studied company's industry as well as accounting and auditing issues relevant to the

Explain the term- not-for-profit organisations, Explain the term- Not-for-p...

Explain the term- Not-for-profit organisations There are many organisations that don't exist mainly for the pursuit of profit. Instance include: ?charities ?clubs and ass

International accounting, the role of international accounting toward promo...

the role of international accounting toward promotion of generally accepted accounting principle

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages